Chart Patterns EA 1.2
Metatrader Expert Advisor (MT4)
This expert advisor trades Chart Patterns, which are powerful and well-known price formations. It implements many useful features for the exigent trader, like customizable patterns, trading sessions and days, several trading behaviors, a martingale and a inverse martingale mode.
- Easy to set up and supervise
- Customizable trading directions
- Enable or disable patterns at will
- Customizable break-even, SL, TP and trailing-stop
- Built-in money management with different behaviors
- Works for ECN/Non-ECN brokers
- Works for 2-3-4-5 digit symbols
- Trading is NFA/FIFO compliant
- Filter trading by forex sessions
- Filter trading by week days
It supports the following patterns, which can be enabled or disabled at will:
- Double Top / Double Bottom
- Triple Top / Triple Bottom
- Head and Shoulders
The EA implements four different trading behaviors:
- Regular: The EA will buy at bullish signals and sell at bearish signals
- Inverse: The EA will sell at bullish signals and buy at bearish signals
- Only Buy: The EA will buy at bullish signals and disregard bearish signals
- Only Sell: The EA will sell at bearish signals and disregard bullish signals
The EA implements four money management modes:
- Trade manual lotsize: The EA will trade a fixed lotsize on each trade
- Auto-calculation of lotsizes: The EA will risk % of the account on each trade
- Martingale: The EA will double the lotsize after a losing trade
- Inverse Martingale: The EA will double the lotsize after a winning trade
Additionally, the EA implements time filter controls:
- Enable or disable trading during the Asian Session
- Enable or disable trading during the European Session
- Enable or disable trading during the American Session
- Enable or disable trading on certain week days (Sunday to Friday)
- ≡ Input parameters
When loading the indicator or EA to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Trading Behavior
- Select trading behavior (Regular, Inverse, Short or Long)
- Trade Scenarios
- Enable or disable chart patterns to trade at will. Supported patterns are Double Top, Double Bottom, Triple Top, Triple Bottom, Head and Shoulders, Wedges and Pennants. Those you disable won't be traded.
- Indicator Settings
- This block groups all the parameters of the chart patterns indicator. Namely, size of the patterns to trade and the breakout period. It is recommended to leave the default parameters and only change them if you also have the indicator and are familiar with the impact of these parameters.
- Position Management
- This group of settings applies to trading decisions and trade management. You can select trading direction, break-even in pips, break-even behavior, trailing-stop in %, trailing-step in pips, stop-loss in pip and take-profit in pips.
- Sessions Settings
- Enable or disable trading for the Assian, European or American sessions, as well as trading week dayss, from Sunday to Friday.
- Money Management
- In this settings block you can set the lotsize for the first trade, or allow the EA to calculate it by itself. It also implements a martingale behavior. Entering a manual lot size is recommended. You can enable or disable NFA/FIFO compliant trading.
- EA Settings
- You can select the magic number for the trades, custom comment and manual pip value if you need to override the one the default one. Do not change these unless you know what you are doing.
- ? FAQ
- Is the EA NFA/FIFO Compliant?
- Not by default, but it can be. Set the input parameter named "NFA/FIFO Compliant" to true.
- Which are the most reliable chart patterns?
- Wedges and Penants work just fine most of the time, as they tend not to appear during strong trends.
- I don't see the patterns drawn in the chart!
- Kindly note that EAs don't have buffers to draw on the chart. This EA just trades.
- Do I need a VPS to run the EA?
- Yes, you do. Or having your home computer turned on 24/5.
- Can I interfere with the trades of the EA?
- Yes, you won't cause the EA to missbehave.
- Will this EA interfere with other EAs running in my account?
- No, it won't, unless both are using the same Magic Number.
- ✎ Comments
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